Starting A Business
If done properly, starting a business can be a very enjoyable and rewarding experience. We provide business ideas, reference materials and cover the necessary steps to determine the right business for you and position it for success.
Steps To Starting A Business
Step 1: Determine The Type Of Business To Start (Your Business Idea)
You will spend a lot of time and energy on your new business, therefore make sure it is something you enjoy doing. Otherwise you will have trouble expending the energy necessary to make your business successful. Ideally your business will involve something you already know. This will make things much easier and your chance of success much higher. Although with the proper support network (more on this later) you can still find success in an area you do not already know but it will be more difficult. Your business will face competition and you may find it harder to compete against other businesses that have more experience in your field.
When considering ideas for your new business, do not discount things as not being business material until you have done a business plan and really know if money can be made or not. Also consider several things before settling on one. Ideally you will do business plans for at least 5 different business ideas before finding the one that is best for you. I did close to 100 business plans before settling on my current business and my business ended up being related to one of my hobbies.
Finally, consider your support network. Just because you are starting a business does not mean you need to know and do everything. Do you have contacts that may be able to assist in certain areas? Franchises often provide a support network. Also look for other companies that may allow you to focus on your core business while simplifying the surrounding areas. For example SiteSell provides an excellent support network for Internet businesses and businesses looking to establish an online presence. The more support you can find for the surrounding areas allowing you to focus on your core business the better.
Step 2: Create A Business Plan
Your business plan is not something to be taken lightly or done quickly. This is the roadmap to your success. Do the appropriate research and be sure that you really know the industry. Ideally the business is something you already know, but if not, read relevant magazines, join relevant trade, industry or professional associations.
When creating you business plan be realistic and remain open minded. The objective of the business plan is to determine the best way to position your business to make money, not prove that the way you have in mind is the best way. It is very likely that you will tweak or even completely change your business idea based on the plan. The objective is to start a business that will be successful, not prove that your first idea is the right one. If done realistically your business plan will not only tell you if your business really has a chance of making money but also how much you can expect to make from your business and when.
Make sure you understand your legal, tax and insurance responsibilities. You may need to hire lawyers or accountants so make sure these items are covered in your business plan. If your business is going to have employees, make sure you understand the expenses and necessary legal paperwork to do it right.
References And Additional Information
For the remaining steps, additional articles, reference materials and ideas for starting a business visit the starting a business page on our website.
